| Islamabad: The Economic Coordination Committee (ECC) of the Cabinet has permitted Pakistan International Airlines-Investment Ltd (PIA-IL) to sign an agreement with New York City (NYC) government for using Roosevelt Hotel on rental for three years after reaching a settlement deal with Hotel Union, a news source reported on May 11.
Read: Cabinet approves commercial plan for Roosevelt Hotel in New York
The news source mentioned that the ECC has approved the implementation of a settlement agreement for Hotel Union and the NYC government. It was mentioned that the pending lawsuits by Roosevelt Hotel will be withdrawn. The committee also asked PIA-L to engage and share the business plan with the National Bank of Pakistan (NBP) related to the rollover of the USD 142 million loans for another two years – until December 31, 2024.
Read: Privatization commission finalises TORs for Roosevelt Hotel
Moreover, a committee was formed for negotiations with the New York City and Union for utilising 1,025 rooms of Roosevelt Hotel for three years for the Immigrant Housing Business of the NYC government. it was revealed that over three years, the hotel will get USD 19 million in net cash flows. The contract will commence on May 15 and will offer a room on rent for USD 200 per night for the first year and USD 205 for the second year and USD 210 for the third year. |
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